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Egyptian pound?....turkey's lira,fairing a lot worse.
not to mention,theyre inflation rate,which went into overdrive,well before covid
Is nationalization of Sukari a real possibility?
No.. nationalization of any company in Egypt is not on the table at all.. and it never gets mentioned.. not even as a rumour..it's actually the opposite.. Egypt is pushing for privatisation.. Egypt is aiming for the mining sector to increase its contribution to the country's income from 0.5% to 5% by attracting international companies.. Egypt is not planning to mine through government owned companies.. they can't.. they know it.. and they are not planning to do it..
Yes the Egyptian pound is doing very bad.. and could do worse.. but default is not going to happen.. when the government struggles, they borrow more.. the Egyptian pound sinks.. prices go up.. Egyptian people suffer.. but don't worry, it won't affect your investment.. actually it's better for centamin, as while its income is in US dollars, it pays employees in local currency, so it actually pays less in US dollars as the wage increase is nothing compared to the currency devaluation..
June 2022, US dollar was 18 Egyptian pound..
June 2023, it's official listing price is 31, but you can never get it for that price, its actual price in the market is 38.. I was in Egypt recently and sold dollars for 38.50.. so the currency has more than halved in one year.. and prices of everything nearly tripled if you add normal inflation..
A USA- China war expected? What planet are you on- there will be no war between them, plain ridiculous
Is not whether the US dollar is on the verge of devaluation - but rather what is the state of Egypt's currency. To this end - an article about Egypt's dire need for income :
------------------>>>>
The Suez Canal Privatization Conundrum
MAY 29, 2023
Selling some port facilities to private or foreign investors would take the country into the uncertain waters of free market economics. Egyptian President Abdel-Fattah El-Sisi is aware of this, but he has no other solution. At a recent summit in Dubai, he declared: “Egypt needs a trillion dollars per year. Do we have the money? No. Do we have half? No. Do we have a quarter? No.”
The Gulf monarchies have understood the gravity of the Egyptian economic situation, which has become so dire that the government is now advising the poorest to survive on chicken feet.
The Suez Canal’s profitability is not under debate. In fact, after carving out a new river section for supertanker transit, profits surged 25 percent, reaching $7.9 billion last year. This upward trajectory has continued throughout the first months of 2023, with a robust 35 percent rise in the first quarter.
Development work on the canal is almost nonstop. The latest project to widen the waterway by an additional 10 kilometers of bidirectional traffic (between terminals 122 and 132) is nearing completion. It will allow an additional six vessels to pass through every day. More ships mean more revenue. On March 13 this year, Cairo celebrated a record number of vessels passing through in one day: 107
It has long been an unspoken tradition for the state to reward senior officers with prestigious positions in large companies when they retire. The current chairman of the Suez Canal Authority, Osama Rabie, is an admiral and the former commander of the Egyptian Navy. Though Mr. Rabie is a widely accepted and respected leader in his role, there are instances in other organizations where individuals have been assigned roles for which they lack proven competence. The negative impact of such placements on the efficiency and performance of these organizations is readily apparent. The connections between the formal and informal economies are plentiful and often hard to trace.
The privatization of the Suez Canal is both vital and precarious, given the current economic climate in Egypt. Debt alone accounts for 54 percent of public expenditures and domestic consumption is on a downward trend. Cairo is racing against the clock to implement necessary changes.
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Centamin investors - let that sink in - in Egypt "debt alone accounts for 54% of public expenditures" . Stop wasting your time worrying (or fantasizing) that the US will go bust - your investment is in Egypt. How would an Egyptian default impact Centamin? Is nationalization of Sukari a real possibility?
article continues here:
https://www.gisreportsonline.com/r/suez-canal-privatization/
A USA-CHINA war can't be a black swan as everyone expects it, and black swans are totally unexpected
Lol Mr T :-). Enjoy the weekend :-)
That's fine, each to their own, I feel exactly the same about golf.
Yes Mr Tibbles.
Another great episode from Andrew.
It is very clear the US $ , is" DOOMED, I say is DOOMED " to a revaluation eventually , probably sooner than we could expect, all thanks to the FED. , ;-)
Not sure Mr Bond- but heyho, markets shut U.K. now so enjoy the weekend :-)
38mins Mr T , can’t be bothered alas as The US Open Golf is on TV now- if there’s a black swan prediction in it- it must be 590,000 or so black swan prediction by nearly as many people since the last recession lol
A Black Swan Event to Trigger the Gold Price Revaluation.
How the Federal Reserve diluted the real gold price !
Why Basel IV is bullish for gold!
https://www.youtube.com/watch?v=fO7-vQu6f0s
Now showing second UT as O. BUY.
Very strange ,there are two UT s showing , what could be the reason for that.
On the buy side.
US market opens, gold drops $10 , they are persistantly obvious, possibly short covering by some big bankster.
But happily now climbing back.
As an article on Kitco mentioned the signs of a bull run similar that always starts after wards.
Hopefully this time.
Major European stock indexes traded higher in the premarket on Friday after the European Central Bank's latest monetary policy decision. ECB hiked its interest rates by quarter of a percentage point, while also adjusting its inflation and economic growth forecast. Meanwhile, ECB President Christine Lagarde reassured the public that there is no wage-price spiral taking place. Later today, the final report on the Eurozone's May inflation will be released.
At 7:38 am CET, the DAX rose 0.13%, while the CAC 40 edged up 0.06%. Concurrently, both the FTSE 100 and the Euro Stoxx 50 added 0.16%.
Both the euro and the pound were flat against the dollar at 7:39 am CET, selling for 1.09420. and 1.27840 respectively.
Baha Breaking News (BBN) / AY
Happy Friday y’al
Enjoy your weekend!
Fiction that touches on the way governments just like ours are prepared behind the scenes to prop up corrupt regimes because it's better the devil they know, this drama starts during the Egyptian revolution
In his quest to do the right thing, he must become a criminal himself. Tom Hiddleston, Hugh Laurie and Olivia Colman in a tense, stylish thriller from spy master John Le Carré.
https://www.bbc.co.uk/programmes/p0fty7vj
Sotolo,
You shouldn't need to work anything out as your stock broker or bank is obligated to provide you with a Consolidated Tax certificate which gives the exact amount of dividends received. for the tax year in question.
This seminar was held in London over three days.
Centamin hosted Mining round table discussion this morning.
Etc venues Monument
8 Eastcheap, London EC3M 1AE
https://beba.org.eg/wp-content/uploads/2023/06/Participants-Schedule-wVenues-1.pdf
I think (and hope) Centamin will out of the blue start to show signs that they are producing the goods and the share price will adjust accordingly.
It looks like Centamins pr department is their weakest link.
Etc venues is a seminar organising company.
https://www.etcvenues.com/venues
thanks rebess, like so much in the modern world at the 6th time of trying the page miraculously turned up. i have worked out what is happening, keynes said that by now we'd be working 15hours a week, instead we have created loads of 'bull**** jobs' which aren't satisfying for those doing them but worse makes everything take 10 times longer meaning everyone is less productive as they are so busy trying to get through and filling in all the extra forms. sorry got to run, just hit option 3 6 and 8 which sent me back to 2
Hi Sotolo - Dividends are a specific item so there must be a box somewhere. - Also, will you not have to send a copy showing your dividend payment from Centamin - Dividends usually are shown your stockbroker statement. - Not sure f this is helpful.
Added.
Yes, lets get to the core facts.............but I suppose all in good time or maybe not
Just topped up £3K at 0.93 p with another 2K in reserve-how low can we go Tony??
4hrs ago
Mission day 2 continues with a roundtable discussion hosted by Centamin PLC on Mining with the special guest speaker 𝐇𝐄 𝐓𝐚𝐫𝐞𝐤 𝐄𝐥 𝐌𝐨𝐥𝐥𝐚, 𝐌𝐢𝐧𝐢𝐬𝐭𝐞𝐫 𝐨𝐟 𝐏𝐞𝐭𝐫𝐨𝐥𝐞𝐮𝐦 𝐚𝐧𝐝 𝐌𝐢𝐧𝐞𝐫𝐚𝐥 𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬, 𝐄𝐠𝐲𝐩𝐭.
Welcoming Remarks of the session are introduced by HE Gareth Bayley, British Ambassador to Egypt and Martin Horgan, CEO, Centamin.
HE Tarek El Molla, Minister of Petroleum and Mineral Resources briefed the audience on Mining and Exploring the Egyptian Nubian Shield.
𝐓𝐡𝐞 𝐒𝐞𝐬𝐬𝐢𝐨𝐧 𝐢𝐬 𝐦𝐨𝐝𝐞𝐫𝐚𝐭𝐞𝐝 𝐛𝐲: Judith Mosely, Non-Executive Director of Blackrock World Mining Trust, Eldorado Gold Corp, and Galiano Gold Inc
HE Tarek El Molla, Minister of Petroleum and Mineral Resources and focused on 𝐭𝐰𝐨 𝐯𝐢𝐭𝐚𝐥 𝐭𝐨𝐩𝐢𝐜𝐬 :
• 𝐓𝐡𝐞 𝐫𝐨𝐥𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐬𝐞𝐜𝐭𝐨𝐫 𝐢𝐧 𝐦𝐨𝐛𝐢𝐥𝐢𝐳𝐢𝐧𝐠 𝐟𝐮𝐧𝐝𝐬 𝐭𝐨 𝐚𝐜𝐡𝐢𝐞𝐯𝐞 𝐭𝐡𝐞 𝐜𝐨𝐮𝐧𝐭𝐫𝐲'𝐬 𝐬𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐠𝐨𝐚𝐥𝐬
• 𝐋𝐞𝐯𝐞𝐫𝐚𝐠𝐢𝐧𝐠 𝐩𝐮𝐛𝐥𝐢𝐜-𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐩𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩𝐬 𝐚𝐧𝐝 𝐢𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐯𝐞 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 𝐦𝐞𝐜𝐡𝐚𝐧𝐢𝐬𝐦𝐬 𝐭𝐨 𝐦𝐨𝐛𝐢𝐥𝐢𝐳𝐞 𝐟𝐮𝐧𝐝𝐬 𝐟𝐨𝐫 𝐠𝐫𝐞𝐞𝐧 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬
https://www.linkedin.com/posts/bebaegypt_happeningabrnow-growinggreen-greeninvestment-activity-7075056517187575808-j8B9
----------------------------------------------->>>>
meanwhile, in the real world Egypt's rate of inflation in May was 40.8% up from 38.6% in April
https://twitter.com/DailyNewsEgypt/status/1667863476436443137
100's of tons of fodder is tied up in its ports cuz they don't have the $$ to pay their suppliers
https://twitter.com/DailyNewsEgypt/status/1668660578901012492
contractors for the glitzy new Cairo skyscrapers haven't been paid - the list goes on and on - but these EMRA bozo's are talking about green hydrogen and fairy dust eating delicacies at the Ritz
and oh ya - Centamin shareholders paid a big chunk of the entire delegation's expenses by choosing to be BEBA's top event sponsor - woohoo!
I am just trying to do my self assessment tax return online for the first time. Can anyone tell me where I put centamin dividend income in dollars that was over £2000. I understand if filing online I do not need to use an SA 106 form? Also I understand I should change the dollars into pounds at the HMRC rate for the month the dividend was paid? Thanks so much for any help. I have no need of the accountant as I only pension and dividends now retired.